A new research note from Nomura Instinet analyst Jeffrey Kvaal tries to make the case that shares of Apple are in for a rude awakening over the next few months. Even though Apple delivered a stellar earnings report last quarter, and even though the iPhone X outperformed most analyst projections, Kvaal takes the tried and true analyst line and articulates that iPhone X demand is lukewarm and that Apple’s bottom line will take a hit as a result.

“iPhone volumes are not deteriorating though iPhone X remains uninspiring,” Kvaal wrote in a note obtained by CNBC. “Apple guidance implied third fiscal-quarter iPhone unit volumes that were better than feared. We do not believe, however, sell through has meaningfully improved.”